Hi all,
I've been thinking about rental properties recently, and I was hoping to glean a bit of knowledge from the members here.
I was wondering what all you look for in a house you want to rent. Not financials, that's all been pretty well covered here, but what you look for in the house itself, specifically in regard to what refurbishments are the best bang for your buck when it comes to attracting people who will pay more.
My idea would be to buy a cheapish, outdated place in a goodish neighborhood, and do more or less just cosmetic things to fix it up. I would be looking for a structurally sound house that's just ugly inside. I'm pretty handy, and like all mustachians have impeccable taste of course so...
I'm thinking things like:
-take down wallpaper, paint the walls a nice neutral color
-take out old carpet, replace with nicelooking wood laminate
-newer appliances
-make the kitchen look bright and inviting
I think there are plenty of old, tired looking houses in my area (I've been in a lot of them!) that a little work could spruce up and attract good tenants.
Anyone have any experience with these sorts of renovations? What renovations are most important?